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Banks, insurance firms set for Lagos auto
fair
By Moses Akaigwe (igwemos@sunnewsonline)
Friday, August 29, 2008
As the fourth Lagos Motor Fair approaches, many banks and
insurance companies have indicated interest to participate
actively in the fair scheduled to take place at the Tafawa
Balewa Square, Onikan, Lagos from September 24 – October
2, 2008.
This was disclosed by Mr. Ifeanyi Agwu, Managing Director
of BKG Exhibitions Ltd, the organizers of the fair, who attributed
the development to the synergy that had developed between
the financial sector and the auto industry in Nigeria in the
recent past.
This warm relationship, according to him, has afforded the
auto dealers the opportunity to increase sales; made many
Nigerians to be able to purchase brand new vehicles as against
the fairly used [tokunbo], most of us have resorted to owing
to their relatively cheaper prices. Also, organizations are
now more able to comfortably replace their fleet without over
stretching their resources doing so.
“I am happy with this development and other laudable
happenings in the auto industry in Nigeria. It shows that
the outputs of all the stakeholders are yielding fruitful
fruits to the people and economy of this nation. When our
economy was so much in the woods, even organizations found
it difficult to purchase vehicles, but now the case is different
as individuals and organizations are being empowered by the
financial institutions to buy brand new vehicles with less
financial stress”, the managing director, noted.
Mr. Agwu attributed the positive development to the increased
awareness and opportunities generated through BKG’s
organized International Motor Fairs in Abuja and Lagos, pointing
out that, synergies among banks, individuals, manufacturers
and dealers are now working out to ensure more empowerment
and enhanced purchasing power. It is a result of the collective
efforts of the motor fairs organizer and the Motoring Press,
in attracting the financial sector to the fairs.
Insurance companies, according to the managing director, are
also gearing up to participate actively in the forth-coming
fair. This, he said, will give the fair more boosts and thereby
attract more high profile participants, subsequently.
“Another symbiotic relationship that would further make
the auto industry more lucrative could be in the offing with
the envisaged increased participation of the re-capitalized
insurance firms in Nigeria”, he added.
Mr. Agwu, enumerated some of the benefits of the increased
participation by banks and insurance companies to include:
Meeting all auto and allied industry’s decision makers
under one roof; gaining added value through the several activities
they and the old, new and potential customers will engage
in at the fair; making of new business contacts and net workings;
generating more ideas; reinforcing commitment to already existing
markets; testing of more markets and introduction of new products
and services.
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